Through our research on Gen Z and Millennial US banking customers, we found that 73% of both of these generations primarily use mobile as their platform of choice for interacting with their financial institution. However, this does not mean that other forms of interaction are decreasing in their use. The average number of different ways that users are interacting with their banks is only increasing: showing not a replacement of older channels with newer ones, but a merging of the physical and digital worlds. “What we’ve seen is the number of interactions increase dramatically, and people just interact across a variety of additional channels. Where people interact, their sort of space has grown a lot, so it’s more channels” says Jake Tyler, CEO & Co-Founder of Finn AI. People expect more out of their financial institution, and this increased demand must be met with increased innovation in customer service tools.
Different operating models for embracing this merging of worlds are appearing worldwide, notably in France and Germany. France wants the best of both worlds: cross-training their employees to serve both in-person and digitally, more focus on omnichannel solutions, making the branch and the digital service channels a congruous experience. Meanwhile, Germany is going all-in on the digital experience by reducing branch numbers and increasing support on digital channels. Gordon Sexton, Global Design Lead at Genesys, notes that “there’s going to be no one right strategy, no one-size-fits-all solution” to how the financial industry will respond to these shifting consumer behaviors. “As service providers are working with branches to create these experiences, they are going to need a more dynamic and robust service ecosystem” he continues: those who provide the digital experiences these branches rely on will need to ensure that they can cater to a new set of constantly expanding needs.
Though it’s in the best interest of these service vendors to try and cover as many different aspects of the process as possible, everything from marketing to workforce management to the underlying infrastructure, most cannot do it alone. In order to help provide this all-inclusive, omnichannel experience that will become crucial to blending the in-person and digital worlds together, service providers are looking to open up their APIs and partner with other fintechs to provide a seamless multi-channel service method. This will allow banks and credit unions to remain agile: service providers can give a wide variety of options to financial institutions to allow them to deploy any method that works for them. By bundling together with multiple different fintech solutions, this new transformation into an integrated digital and physical world can be both streamlined, and customizable to suit an institution’s individual needs.
Want to learn more about how the banking service model is evolving? Watch the full webinar replay right here.